Lehman Brothers Financial SA (LEHNQ)

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District Court Appeal case # 19-cv-06397 - LBIE's "Facts
The main European trading arm for the Lehman Brothers group was Lehman Brothers International (Europe) (LBIE). LBIE was an unlimited company with two shareholders: LB Holdings Intermediate 2 Limited (LBHI2) and Lehman Brothers Limited (“LBL”). LBIE and LBL went into administration in September 2008, followed by LBHI2 in January 2009.

Both LBHI2 and LBL were unsecured creditors of LBIE. LBHI2 had made three separate unsecured subordinated loans to LBIE which contained repayment terms specifying that LBIE was only obliged to repay when it was able to pay its “liabilities”, and that debts which were “not payable or capable of being established in the Insolvency” of LBIE were to be disregarded.

LBIE was able to repay its external creditors in full, leaving a surplus of approximately £8bn for distribution to LBHI2 and LBL and the payment of statutory interest (amongst other things)."

http://www.elexica.com/en/legal-topics/dispute-resolution-financial-markets/080218-fml-timeline-re-lehman-brothers-international